Industrial Expansion Fund Annual Report Released

The province helped create 1,200 jobs and sustain more than 2,600 others last year, mostly in rural Nova Scotia, through its Industrial Expansion Fund.

That is one of the highlights included in the 2010 Industrial Expansion Fund (IEF) Annual Report, which was released today, Nov. 3.

In June, an advisory committee of five business leaders was appointed to ensure impartial analysis of IEF investment opportunities and provide advice to the Minister of Economic and Rural Development. The committee was established as part of the province's commitment to increase transparency and accountability.

"Government committed to creating good jobs and growing the economy and the investments being made are doing just that," said Economic and Rural Development Minister Percy Paris. "The IEF helped to create and sustain more jobs last year than in any of the previous five years, while helping more Nova Scotia companies compete in the global marketplace."

Highlights of the IEF's 2009-10 fiscal year include:

• a record $221 million invested in 23 companies
• almost $113 million in wages created and sustained
• $13.5 million in tax revenue generated

Most investments were loans and loan guarantees. The fund generates almost three dollars for every dollar invested.

The Industrial Expansion Fund helps industries with innovation and technology and contributes to a prosperous and sustainable business climate for Nova Scotia. The fund helps protect jobs and support businesses to be more competitive and sustainable. It provides financial support, such as loans and guarantees, when many traditional sources are reluctant to do so.

The report is available at www.gov.ns.ca/econ/ief .